At the end of 2024, it had roughly $43.5 billion in USDC in circulation, up from approximately $24.4 billion the year before. The reserve return rate was 5%, up from 4.7% in 2023 and 1.5% in 2022. Revenue increased 16% in 2024, and net income dropped 72%, although it remained positive.

Circle Internet Group stock hasn’t behaved normally since the June 5 initial public offering. As of Friday’s close, shares of the stablecoin issuer have risen more than 450% to $180.43 from their IPO price of $31.

JPMorgan’s Kenneth Worthington says the stablecoin issuer’s stock valuation has been “pushed outside our comfort zone,” so he recommends that investors sell.